The machine vision and vision-guided robotics market is expected to grow at a compound annual growth rate of 9.8% during the forecast period. The increasing need for automation and safety, high labor costs, a shortage of qualified workforce, and increased investment in research and development activities are driving the vision-guided robotics market. The atomization of human seeing can be defined as machine vision. It must not only collect a picture (like our eyes do) but also process these images and provide results (the function of the brain). Machine vision is utilized in a variety of industrial operations, including material inspection, object recognition, electronic component analysis, signature recognition, optical character recognition, and currencies. A vision-guided robot (VGR) system is a robot having one or more cameras used to supply the robot controller with a second feedback signal, to move more accurately to a variable destination. This report covers all the quantitative aspects of the machine vision and vision-guided robotics market and also talks about its key drivers, the challenges it faces, the growth opportunities present in the market, and its future prospects.
Low Production Cost and Increased Productivity to Accelerate Market Growth
The growth of the vision-guided robotics market is being fueled by the increasing industrialization of emerging and industrialized nations. In the automotive industry, vision-guided robot systems are utilized to increase productivity while reducing complexity, production costs, and human errors. Machine vision market demand has been driven by recent breakthroughs in machine vision technology, such as smart cameras, increased compatibility with diverse systems, and vision-guided robotics. It has several benefits, including high quality, increased productivity, less machine downtime and setup time, lower equipment costs, and inventory control. Machine vision and vision-guided robot systems will be widely used in traffic management and security. The covid-19 epidemic is predicted to accelerate the expansion of the machine vision and vision-guided robotics market, and it has now become an essential component of the long-term automation advancement process. Manufacturing firms are expected to invest in automation, and the demand for automated quality assurance has expanded across industries. This is due to the necessity for less human interaction in the process.
Smart Camera-Based Machine Vision Systems Dominate the Market
The market has been segmented based on the product, technology, application, and region. Based on the product segment, the machine vision and vision-guided robotics market are divided into pc-based machine vision systems, smart camera-based machine vision systems, and vision-guided robotics systems. Smart camera-based machine vision systems are predicted to have the biggest market share throughout the forecast period, owing to increased demand for smart cameras that are cost-effective, compact, and simple to install, as well as the expanding acceptance of cameras in 3D imaging. Machine vision systems are made up of a large number of cameras. These cameras are installed above assembly lines to inspect products and collect data. As a result, smart camera-based machine vision systems can read labels and direct their products without human intervention, resulting in fewer errors. Based on application, the market is divided into automotive, electronics, aerospace, food and beverage, pharmaceuticals, and others. To solve quality concerns, vision systems are becoming increasingly important to automotive manufacturers.
North America to Lead Global Market
The machine vision and vision-guided robotics market are divided into North America, Latin America, Europe, Asia Pacific, the Middle East, Africa, and the rest of the world based on regional segmentation. North America has the largest market in the world, with robots being used in a variety of industries. The federal government is investing heavily in increasing the production of machine vision systems, which will move the market forward throughout the forecast period. During the projected period, the vision-guided robots market in the Asia Pacific is expected to rise at a significant rate. Machine vision and vision-guided robotics markets are growing as manufacturing industries in Asia Pacific's emerging economies adopt novel technology. Price deflation, rising disposable income, growing urbanization, and the adoption of novel technologies are all driving demand for consumer electronics, which will boost the market. Furthermore, the expenditure, operational benefits, and efforts undertaken by the governments of growing countries such as South Korea, India, Taiwan, and Singapore are responsible for the increase in investments and the establishment of many industry participants in the Asia Pacific region.
Key Players
Qualcomm Technologies, Keyence Corporation, FANUC Corporation, ABB Group, Sick AG, Teledyne Dalsa Inc., Cognex Corporation, Omron Adept Technology, National Instruments Corporation, and Hexagon AB are major players in the machine vision and vision-guided robotics market. To remain competitive in the global machine vision and vision-guided robotics market, players have employed a variety of marketing strategies, including new product launches, expansion, joint ventures, and acquisitions. The report provides a comprehensive examination of leading firms as well as a discussion of market competitiveness. Product launch is a major strategy for the market's major players in machine vision and vision-guided robotics.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Machine Vision and Vision Guided Robotics market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
